Pacific National Bank’s Parent Firm Posts Record 2nd-Quarter Earnings
PNB Financial Group, parent of Pacific National Bank, reported record net income of $1.2 million, or 49 cents a share, for the second quarter, 9% higher than the $1.1 million, or 46 cents a share, posted a year ago. First-half net income rose 17% to $2.1 million, or 90 cents a share, from $1.8 million, or 76 cents a share. Total assets increased 6% to $205.2 million from $194.4 million.
Smartflex Systems Inc.: The Tustin provider of electronic assemblies said net income for the second quarter declined 65% to $558,000, or 9 cents a share, from $1.6 million, or 26 cents a share, for the like period last year. Revenue increased 8% to $37 million from $34.3 million.
Net income for the six months dropped to $792,000, or 12 cents a share, from $3.6 million, or 56 cents a share, for the same period in 1996. Revenue was down 9% to $67.3 million from $74.3 million.
The company attributed the earnings decline to its investment of nearly $6 million for additional capacity during the second quarter, primarily in its new factory in Monterrey, Mexico, and for expanded capacity at its Philippines facility.
Westcorp: The Irvine financial services holding company whose principal subsidiaries are WFS Financial Inc. and Western Financial Bank, reported net income of $9.9 million, or 38 cents a share, for the second quarter, down 7% from the $10.7 million, or 41 cents a share, for the corresponding quarter last year. For the first half, net income declined 13% to $17.8 million, or 68 cents a share, from $20.5 million, or 79 cents a share. The company said the decrease in net income was primarily related to the increase in non-interest expenses.
WFS Financial Inc.: The Irvine automobile finance company posted second-quarter net income of $9.9 million, or 39 cents a share, up 2% from the $9.7 million, or 38 cents a share, for the second quarter a year ago. Revenue advanced 26% to $62.9 million from $49.9 million. First-half net income declined 2% to $18.6 million, or 72 cents a share, from $19 million, or 74 cents a share, for the first six months last year. Revenue rose 25% to $121.8 million from $97.4 million.
